Government Debt (Euros) (Hansard, 16 November 1998)

HC Deb 16 November 1998 vol 319 c361W 361W

§ Dr. Cable
To ask the Chancellor of the Exchequer what plans he has to redenominate sterling debt in euros. [59520]

§ Ms Hewitt
If the UK joins the single currency, the Government would expect to redenominate sterling debt soon after Stage 3 entry. Detailed decisions would have to be taken nearer the time.

§ Dr. Cable
To ask the Chancellor of the Exchequer what proportion of Government debt is denominated in euros; and what estimate he has made of how this will change in the next three years. [59521]

§ Ms Hewitt
At the end of March 1998, 0.1 per cent. of central government gross debt was denominated in Euro. There was also 1.6 per cent. of ecu debt. Ecu debt will automatically be re-denominated into Euro at the start of 1999.